DailyFX.com -

Daily

Gold Action is Promising for Larger Turn Scenario

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”

-The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. Above 1283 would suggest that the larger trend has reversed.

LEVELS: 1236 1245 1258 | 1277 1283 1293

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Oil at Five-month Low as Iran Positions for Post-sanction Exports

  2. Forex News

    Gold Technical Analysis: Range-Bound Trade Continues

  3. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  4. Forex News

    Gold Holds Key Support- NFPs to Shape August Opening Range

  5. Forex News

    Crude Oil Under Pressure Anew, SPX 500 Aims to Extend Recovery

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!